Unrestricted Cointegration Rank Test (Trace)-Series: LFY LM2 LREER LTBAL | ||||
Hypothesized |
| Trace | 0.05 |
|
No. of CE(s) | Eigenvalue | Statistic | Critical Value | Prob.** |
None* | 0.351543 | 51.75991 | 47.85613 | 0.0205 |
At most 1 | 0.230461 | 21.00559 | 29.79707 | 0.3573 |
At most 2 | 0.032422 | 2.406144 | 15.49471 | 0.9874 |
At most 3 | 0.000929 | 0.066005 | 3.841466 | 0.7972 |
Trace test indicates 1 cointegrating eqn(s) at the 0.05 level | ||||
*denotes rejection of the hypothesis at the 0.05 level | ||||
**MacKinnon-Haug-Michelis (1999) p-values |
| |||
Unrestricted Cointegration Rank Test (Maximum Eigenvalue) | ||||
Hypothesized |
| Max-Eigen | 0.05 |
|
No. of CE(s) | Eigenvalue | Statistic | Critical Value | Prob.** |
None* | 0.351543 | 30.75432 | 27.58434 | 0.0189 |
At most 1 | 0.230461 | 18.59945 | 21.13162 | 0.1090 |
At most 2 | 0.032422 | 2.340139 | 14.26460 | 0.9807 |
At most 3 | 0.000929 | 0.066005 | 3.841466 | 0.7972 |
Max-eigenvalue test indicates 1 cointegrating eqn(s) at the 0.05 level | ||||
*denotes rejection of the hypothesis at the 0.05 level | ||||
**MacKinnon-Haug-Michelis (1999) p-values |
|